01/15/2023
Taxes for expats tend to be complicated, especially for US expats. If you’re a US citizen living abroad with questions about what the expat tax filing requirements are, you’re not alone. Some expats aren’t even aware they need to continue filing US tax returns while living overseas. Expatriate tax is a complicated realm for Americans […]
12/01/2021
The Foreign Bank Account Report (FBAR) is filed using FinCen Form 114, though much about this US reporting requirement is misunderstood. In the following article, we dive into the essential elements of FinCEN Form 114, providing key background information, and detailing who must file and deadlines in 2024. Ensuring adherence to these regulations is key […]
11/25/2021
The Streamlined Filing Compliance Procedures (SLP) provides a light at the end of the tunnel for qualifying global US taxpayers seeking IRS amnesty from late-filing US tax penalties. As a US citizen or permanent resident living overseas, getting a handle on your tax responsibilities is essential. The program offers a streamlined process for expats to […]
09/30/2021
You may already know that Americans who earn above a certain threshold must file US tax returns, even if they live abroad. However, if you haven’t heard of FATCA before, you’re not alone. Even among expats who know they must file a US tax return, few understand the full extent of their US expat tax […]
11/20/2024
Given the flexibility and autonomy it offers, it’s no wonder that so many expats are small business owners, freelancers, independent contractors, or otherwise self-employed. But even though self-employment comes with benefits, it can complicate your tax obligations. Those with self-employment income are often subject to additional filing requirements, like Schedule C. While it might all […]
11/15/2024
If you’re interested in growing your wealth while living in a safe, beautiful, and affordable country, it’s well worth considering Portugal’s golden visa. In exchange for investment funds of at least €250,000, you and your family can work, live, and study in Portugal for up to two years. And as long as you stay in […]
11/11/2024
The US has tax treaties with dozens of different countries. If you live in one of those countries, it may be worth claiming the tax treaty’s benefits. Keep in mind, though, that each tax treaty is slightly different. As you can imagine, some US tax treaties are more advantageous than others. Below, we’ll give a […]
11/08/2024
As a business owner or self-employed expat, you’re likely at least vaguely familiar with the various tax forms you’re required to file with the IRS on an annual basis. If your business pays independent contractors for their services, one of the most important forms you’ll need to evaluate as part of your filing requirements is […]
11/05/2024
It’s usually not ideal to withdraw from retirement accounts before you reach retirement age. For one, withdrawing these funds early means you miss out on the exponential tax-free growth they can accrue over decades. What’s more, the IRS levies both a 401(k) early withdrawal penalty and an individual retirement account (IRA) early withdrawal penalty. With […]
10/31/2024
Most Americans know basic tax concepts and terminology, like income, credits, deductions, and exclusions. Phrases like modified adjusted gross income (MAGI), on the other hand, aren’t always as well-known. If you’re not familiar with MAGI, it can benefit you to read up on the concept. After all, understanding your MAGI can help you reduce your […]
10/30/2024
After years of saving for retirement, if you hold qualified US retirement accounts, you’ll need to take required minimum distributions (RMDs) at some point. While the rules around RMDs and RMD taxation are complex — especially if you live outside of the United States — they’re also essential to understand when retirement planning in order […]
10/25/2024
At tech companies, startups, large publicly traded companies, and many other employers, incentive stock options (ISOs) are a common offering. If you’re a US expat with ISOs, you may stand to benefit financially from them in a significant way — especially if you keep ISO taxation in mind. The way the US taxes ISOs can […]
10/23/2024
Living and running a business abroad offers exciting opportunities, but it also brings unique challenges – especially when it comes to taxes. Understanding potential tax savings for business owners can be a game-changer, allowing American expats to reduce their U.S. tax burden by making smart financial decisions. Optimizing your salary is one of the most […]
10/17/2024
Did you know you and your dependents can expand your knowledge and gain job skills while reducing your tax bill? The IRS offers a couple of different continuing education tax benefits, which can help offset higher education expenses by decreasing your tax burden. In many cases, even Americans attending an educational institution abroad are eligible […]